A cryptocurrency derivatives exchange based overseas has launched a pre-listing contract for Unitree Robotics, with the implied valuation soaring to around $230 billion as of midday on August 10th. The contract, settled in stablecoins with 5x and 10x leverage, tracks Unitree Robotics' expected post-IPO stock price but is driven entirely by on-chain trader sentiment and operates in a regulatory grey area. Experts advise caution, as the high leverage and volatility make it extremely risky.
Despite the speculative nature, this pricing offers a glimpse into global capital expectations for Unitree Robotics. A similar pre-listing contract for ChangXin Memory Technologies (CXMT) proved relatively accurate, with its contract price differing by only about 2.2% from the actual IPO opening price. However, CXMT had a more mature valuation anchor and higher liquidity, whereas Unitree Robotics operates in the nascent humanoid robot sector, where valuation benchmarks are largely absent.
Unitree Robotics is set to list on the A-share market with an issue price of 150.8 yuan per share, raising approximately 6.099 billion yuan through the issuance of 40.4464 million shares. The company, dubbed the "first humanoid robot stock" on the STAR Market, boasts strong momentum, with its IPO process from acceptance to approval taking just 73 days. If the market cap reaches 200 billion yuan, the founder, Wang Xingxing, could see his personal stake valued at over 60 billion yuan, potentially making him the richest person on the STAR Market among the post-1990s generation. Major external shareholders, including those affiliated with Meituan, are also poised for significant returns.
However, the lofty valuation of 230 billion yuan far exceeds current institutional forecasts, with CCB International targeting 109 billion yuan and CITIC projecting a 6-12 month price-to-sales ratio of 20x. The company's growth has been impressive, with revenue surging from 159 million yuan in 2023 to 1.699 billion yuan in 2025, a three-year compound annual growth rate of 226.78%. Its humanoid robot segment now accounts for 51.78% of revenue, up from just 1.88% in 2023, and the company turned profitable in 2025 with a net profit of 278 million yuan. Yet, recent performance data shows a slowdown, with Q1 2026 revenue growth at 68.49% and a decline in non-GAAP net profit by 52.55%.
During roadshows, Wang Xingxing addressed concerns about Unitree Robotics being a "remote-controlled toy company," describing the remote control as a critical safety redundancy akin to a steering wheel in autonomous driving. He acknowledged that autonomous humanoid operations are still a long way off, as the company has not yet begun large-scale real-world data collection or factory deployment training. The presale valuation of 230 billion yuan represents an 18x increase from the company's post-money valuation of 12.7 billion yuan in its last funding round in June 2025, a multiple that surpasses even the gains seen by Moore Threads, which went from a 30 billion yuan valuation to a peak market cap of 440 billion yuan (a 15x increase).
In a notable strategic move, DeepSeek, led by Liang Wenfeng, subscribed to 93.34 million shares worth 141 million yuan in Unitree Robotics' strategic placement, with a lock-up period of 36 months. This contrasts with Liang's approach to ChangXin, where he engaged in short-term IPO arbitrage with a maximum lock-up of six months, signaling a long-term bet on Unitree Robotics' future.
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